Covid-19: Nearly 7,000 infections in 1 day, tally jumps past 1.38 lakh | No resumption of passenger flight operation in Maharashtra now: Uddhav Thackeray | BJP-TMC faceoff as Dilip Ghosh en-route to his constituency stopped by police | Bengal Guv urges people to remain calm, asks govt to act fast in restoring services | With four new positive cases Assam COVID-19 cases surge to 350 |
Cabinet approves SBI acquisition of subsidiary banks, share prices go uo intraday

Cabinet approves SBI acquisition of subsidiary banks, share prices go uo intraday

India Blooms News Service | 16 Feb 2017, 08:25 pm
Mumbai/New Delhi, Feb 16 (IBNS): Share prices of the State Bank of India (SBI) and its associate banks climbed up intraday on Thursday following the cabinet approval for the merger of the associate banks with the SBI, media reported.

The merger will make SBI among the top banks in the world.

On Wednesday, the Union Cabinet, chaired by Prime Minister Narendra Modi approved the acquisition by the State Bank of India of its subsidiary banks, namely State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.

The Cabinet also approved the introduction of a Bill in Parliament to repeal the State Bank of India (Subsidiary Banks) Act, 1959 and the State Bank of Hyderabad Act, 1956.

The merger is likely to result in recurring savings, estimated at more than Rs. 1,000 crore in the first year, through a combination of enhanced operational efficiency and reduced cost of funds.

Existing customers of subsidiary banks will be able to access SBI’s global network. 

It will also result in improved risk management and unified treasury operations.

The SBI in a statement said that it is awaiting a formal notification in this regard from the government indicating the effective date of the merger.       

 

Cabinet approves SBI acquisition of subsidiary banks, share prices go uo intraday

India Blooms News Service
Comments ()

Post your comment:

Web Analytics